Bankrupt Exchange Mt.Gox Postpones Compensation Date

The management of Mt.Gox, a now bankrupt crypto exchange, has announced that the deadline for compensation payments would be postponed from October 31, 2023 to October 31, 2024.

According to documents, the exchange still possesses 142,000 BTC (worth approximately $3.8 billion), 143,000 BCH (worth approximately $30 million), and 69 billion yen (worth approximately $4.5 million).

The process of civil rehabilitation, which began in June 2018, has been greatly delayed, leaving Mt.Gox clients waiting for ten years to receive their funds.

In January 2021, a Tokyo court approved a plan proposed by the exchange, and in February, the plan was approved for a final vote.

On May 31, the voting began and ended on October 20, with approximately 83% of exchange users in support of the reimbursement plan.

In the past, investment company Fortress Investment Group offered Mt.Gox creditors the opportunity to buy out their claims for 80% of their value.